by Joel Roettger | Apr 6, 2023 | Estate Planning, Tax
In October 2022, the IRS released Rev. Proc. 2022-38, which sets forth inflation-adjusted items for 2023 for various provisions of the Internal Revenue Code. Some items of interest from an estate planning perspective are the following: Edit Estate Tax Exemption...
by Joel Roettger | Sep 14, 2021 | Estate Planning, Tax, Trusts
UPDATE 2 (11/4/2021) The House Committee on Rules published a new version of the reconciliation bill, H.R. 5376. The latest draft is 2,135 pages. As with the October 28 draft, provisions related to the estate, gift, and generation-skipping transfer taxes are...
by Joel Roettger | Jan 4, 2021 | Estate Planning, Tax
In October 2020, the IRS released Rev. Proc. 2020-45, which sets forth inflation-adjusted items for 2021 or various provisions of the Internal Revenue Code. Some items of interest from an estate planning perspective are the following: Edit Estate Tax Exemption...
by Joel Roettger | May 13, 2020 | Estate Planning
UPDATE 2: Now extended through September 30. See Executive Order No. 61. UPDATE: Now extended through August 28. See Executive Order No. 52. Original Post: On May 12, 2020, Tennessee Governor Bill Lee signed Executive Order No. 37 (pdf). The new Order extends...
by Joel Roettger | Apr 10, 2020 | Estate Planning
On April 9, 2020, Governor Bill Lee issued Executive Order No. 26. It temporarily addresses a dilemma that estate planners and other attorneys have been struggling with ever since the state of Tennessee went into lockdown in response to the COVID-19 virus. How do you...
by Joel Roettger | Jan 9, 2020 | Estate Planning, Tax
Edit Estate Tax Exemption (“Basic Exclusion Amount”) $11,580,000 Applicable Credit Amount $4,577,800 Generation-Skipping Transfer (GST) Tax Exemption $11,580,000 Gift Tax Annual Exclusion $15,000 Taxable Income Threshold at which Highest Rate Applies for...
by Joel Roettger | Dec 26, 2019 | Estate Planning, Retirement Assets, Tax, Trusts
Estate planning for retirement assets just got more interesting. The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 was signed into law on December 20. It was passed as part of H.R. 1865, Further Consolidated Appropriations Act, 2020. The...
by Joel Roettger | Nov 1, 2019 | Probate
Under certain circumstances, a Tennessee probate court can, on its own initiative, issue an order closing an “old and cold” probate estate. The criteria for closing the estate in this manner are as follows: The estate has been open for at least 18 months; ...
by Joel Roettger | Sep 25, 2019 | Estate Planning, Trusts
Section 5 of the most recent Probate Omnibus Bill, Public Chapter No. 340, adds a new section to Tennessee Code § 31-1-104. Section (d) provides: In a proceeding to determine letters of guardianship or conservatorship, the court shall be vested with the authority to...
by Joel Roettger | May 9, 2019 | Tax
The new law applies to gyms, fitness centers, fitness studios, high intensity interval training, cross training, ballet barre, pilates, yoga, spin classes, and aerobics classes. In a previous post, we noted that in June 2018 the Tennessee Department of Revenue issued...
